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Oil to hold above $70, demand to counter any OPEC supply rise

By Swati Verma (Reuters) - Oil will stay above $70 a barrel this year because strong demand and possible supply disruptions in Iran and Venezuela will put pressure on global inventories, even though OPEC and Russia are considering raising output, a Reuters poll showed on Thursday. A survey of 36 economists and analysts forecast Brent crude (LCOc1) to average $71.68 per barrel in 2018, about $4 higher than $67.40 forecast in last month's poll and just above the $70 average so far this year. "O...
Posted on: May 31, 2018 13:13:57 Read More

Top 5 Things To Know In The Market On Thursday

Investing.com - Here are the top five things you need to know in financial markets on Thursday, May 31: 1. European Markets Rebound As Italy Fears Subside European stocks pushed higher for the second day in a row, as Italian parties renewed attempts to form a government, easing concerns about the wider impact of a political crisis in Europe's third-largest economy. Matteo Salvini, the head of the right-wing League, has said he would "seriously consider" an offer on Wednesday from 5-Star leade...
Posted on: May 31, 2018 11:42:41 Read More

UK watchdog lodges complaint against Autonomy's auditors and finance executives

LONDON (Reuters) - Britain's Financial Reporting Council has lodged formal complaints against the auditors and two former finance executives of Autonomy, the software business that was sold to Hewlett Packard for $11 billion (8.3 billion pounds) in 2011. Britain's accountancy watchdog said on Thursday that the conduct of auditors Deloitte, Richard Knights and Nigel Mercer, as well as that of former chief financial officer Sushovan Hussain and ex-vice president of finance Stephen Chamberlain, ha...
Posted on: May 31, 2018 07:06:19 Read More

Berlin braced for U.S. steel, aluminium tariffs from June 1

BERLIN (Reuters) - U.S. steel and aluminium tariffs will probably take effect on June 1 unless a deal is struck, a spokesman for the German economy ministry said on Wednesday. U.S. President Donald Trump has granted the European Union an exemption from the tariffs until June 1. Asked about the procedure, the ministry spokesman said:   "As far as I know it is in the night (going into) June 1," said the spokesman. "As far as I know, they (the tariffs) would automatically take effect," he ...
Posted on: May 30, 2018 14:37:07 Read More

Goldman Sachs cuts euro/dollar forecasts, citing Italian instability

LONDON (Reuters) - U.S. investment bank Goldman Sachs (NYSE:GS) said on Wednesday it had cut its euro/dollar forecast for the next 3, 6 and 12-months because of uncertainty stemming from Italy's political crisis. The bank said it forecast the euro to trade at $1.15 over the next three months, versus $1.20 previously. It also cut its six-month forecast to $1.20 from $1.27 and the 12-month forecast to $1.25 from $1.30. The euro has slumped this week to its lowest in 10-months, at around $1.15 (E...
Posted on: May 30, 2018 13:09:00 Read More

Aviva Investors merges businesses into new real assets unit

LONDON (Reuters) - Aviva Investors, the fund arm of insurer Aviva (L:AV), said on Wednesday it would combine its real estate, infrastructure and private debt businesses into a new unit called Aviva Investors Real Assets. Aviva said the business, which would manage 37 billion pounds in assets, would focus on investments where it was a direct operator, with full control over fund management, asset management, origination and distribution. As a result, it said it had agreed to sell its ...
Posted on: May 30, 2018 09:43:00 Read More

Retailer B&M's full-year profit rises 25 percent

LONDON (Reuters) - British discount retailer B&M European Value (L:BMEB) reported a 25 percent rise in full-year profit on Wednesday, saying its good valued products were wining over customers in a difficult economic environment. The fast-growing company, which finished the year with 576 B&M stores, reported profit before tax of 229.3 million pounds for the 53 weeks to end-March on sales of 2.98 billion pounds, up 22.4 percent....
Posted on: May 30, 2018 06:43:51 Read More

Forex - Euro Gains as Italy Coalition Crumbles, Dollar Lower

Investing.com - The euro gained ground against the dollar on Monday, after Italy’s president moved to block the appointment of a euro sceptic economy minister, bolstering investor sentiment towards the single currency. EUR/USD was up 0.38% at 1.1694 by 04:11 AM ET (08:11 AM GMT), rebounding from Friday’s six-month trough of 1.1644. The euro was boosted after Italy’s populist parties abandoned their bid to form a coalition government after the country’s President Se...
Posted on: May 28, 2018 09:59:24 Read More

Oil sinks while stocks gain on North Korea, euro shaken by Italy

By Hideyuki Sano TOKYO (Reuters) - U.S. oil futures sank to six-week lows on Monday on expectations that major producers may raise output, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit. The euro bounced back from a 6-1/2-month low after the Italian president rejected a eurosceptic as a key economy minister. But his move was seen as triggering a possible constitutional crisis and opening the prospect of f...
Posted on: May 28, 2018 07:56:46 Read More

Forex- Dollar Steady While Sterling Dips Ahead of Powell, Carney Speech

Investing.com - The greenback was flat on Friday while the pound inched down as investors looked ahead to testimony from Fed Chair Jerome Powell and Bank of England Governor Mark Carney. Both Federal Reserve Chairman Jerome Powell and BOE Governor Mark Carney are expected to participate in a panel discussion of "Financial Stability and Central Bank Transparency" at the "Sveriges Riskbank Conference: 350 Years of Central Banking - The Past, The Present and The Future" in Stockholm, Sweden at 9:2...
Posted on: May 25, 2018 12:58:16 Read More

European shares set for first weekly fall since March

MILAN (Reuters) - European shares bounced back in morning trading on Friday but were set for their first weekly drop since March as worries over global trade talks, Italy's government and a slowing economy took their toll. A bounce in auto stocks helped the pan-European STOXX 600 (STOXX) benchmark rise 0.4 percent by 0716 GMT after ending at an eight-day low on Thursday. The index was down 0.6 percent on the week. Autos (SXAP) rose 0.7 percent after US President Donald Trump's threat to impose...
Posted on: May 25, 2018 09:13:40 Read More

Exclusive: OPEC, non-OPEC discuss around 1 million bpd oil output rise - sources

By Rania El Gamal, Olesya Astakhova and Alex Lawler DUBAI/MOSCOW/LONDON (Reuters) - Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs, sources familiar with the matter said. An increase of about 1 million bpd would bring compliance with global supply curbs down to 100 percent from around 152 percent, the sources said. The initial talks are being led by the energy ministers of Saudi Arabi...
Posted on: May 25, 2018 07:47:51 Read More

Gold Prices Top $1,300 as Trump Cancels U.S.-North Korea Summit

Investing.com - Gold prices extended gains in midmorning trade on Thursday as U.S. President Donald Trump dashed hopes for a summit with North Korea leader Kim Jong Un At 10:40AM ET (14:40GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $16.30, or around 0.6%, to $1,305.90 a troy ounce. That was close to an intraday high of $1,306.30, its highest level since May 14. Both leaders were set to meet in Singapore on June 12 to discuss t...
Posted on: May 24, 2018 14:59:57 Read More

Miner Petra Diamonds to raise $178 million to cut debt, cope with strong rand

LONDON (Reuters) - Mining firm Petra Diamonds (L:PDL) said on Thursday it would raise $178 million (133 million pounds) from investors to cut debt after it was hobbled by a strong South African rand, delays in production, strikes and a confiscated consignment of diamonds. Its London-listed shares sank 14 percent to 65 pence by 0907 GMT. Workers at Petra's South African operations downed tools in September over wages and the Tanzania government confiscated a consignment of diamonds, which has s...
Posted on: May 24, 2018 09:42:11 Read More

P&G to plough $50 million in Russian plants in 2018

MOSCOW (Reuters) - The world's largest consumer goods maker Procter & Gamble (N:PG) plans to invest a further 3 billion roubles ($48.5 million) in its Russian production facilities this year, a senior company executive overseeing the Russian market told Reuters. "We are committed to the market, we are committed to the Russian consumers. Until today we have invested roughly $800 million and counting," Sotirios Marinidis, general manager for Eastern Europe and Central Asia, said in a recent i...
Posted on: May 24, 2018 07:32:15 Read More

Euro-Area Growth Cools Again as Temporary Factors Mask Outlook

  (Bloomberg) -- Economic momentum in the euro area cooled yet again in May as more temporary factors weighed on output in manufacturing and services. A composite Purchasing Managers’ Index fell to an 18-month low of 54.1, from 55.1 in April, IHS Markit said on Wednesday. New order growth weakened, hiring and backlogs of work showed slower rates of increase and companies became less optimistic about the outlook. “While prior months have seen various factors such as extreme we...
Posted on: May 23, 2018 08:51:10 Read More

Severn Trent posts 4 percent rise in full-year profit

(Reuters) - British water utility Severn Trent Plc (L:SVT) posted a 4 percent rise in full-year profit on Wednesday, as its Dee Valley Water business and higher revenue offset the impact of changes in business rates and costs. The company, which supplies water across the Midlands region, said underlying profit before interest, tax and exceptional items rose to 541 million pounds for the year ended March 31 from 520.1 million a year earlier. The FTSE 100-listed company said ...
Posted on: May 23, 2018 07:01:13 Read More

Oil prices rise on worries over Venezuelan supply

By Jessica Jaganathan SINGAPORE (Reuters) - Oil prices rose on Tuesday amid worries that Venezuela's crude output could drop further following a disputed presidential election in the country and with potential sanctions on the OPEC-member. Brent crude futures (LCOc1) were at $79.37 per barrel at 0110 GMT, up 15 cents, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $72.49 a barrel, up 25 ...
Posted on: May 22, 2018 09:31:39 Read More

Gold Prices Edge Higher But Stay Near Yearly Lows

Investing.com - Gold prices were little changed in early dealings on Tuesday, hovering not far off a 2018 low struck in the previous session, as improved appetite for riskier assets sapped demand for the yellow metal. Comex gold futures were up around 0.1% at $1,291.30 a troy ounce by 4:10AM ET (0810GMT). In the previous session, it slid to as low as $1,281.20, its weakest level since December 27. Gold's losses on Monday came after a truce between the United States and China calmed f...
Posted on: May 22, 2018 08:22:08 Read More

Brent Falls on News of Iran Sanctions, as Crude Prices Hold

Investing.com - Brent oil prices fell on Monday, while U.S. crude oil prices continued to rise amid news of sanctions against Iran and the U.S. and China halting trade tariffs. Secretary of State Mike Pompeo said in an interview that the U.S. would demand major changes in Iran following America's withdrawal from the nuclear deal, with the possibility of even tougher sanctions. The withdrawl from the Iran deal has left investors on edge, as Iran supplies about 4% of global oil. Brent crude ...
Posted on: May 21, 2018 15:46:54 Read More